Rise In All-Cash Home Sales Frustrates Bay Area First-Time Buyers

A for sale sign is posted in front of a home in San Francisco (Justin Sullivan/Getty Images)

SAN FRANCISCO (KCBS) — Real estate firms are reporting a record number of Bay Area homes are being bought with cash, making it increasingly difficult for first-time homebuyers to get their offers accepted.

Often, the bids are only accepted after multiple offers resulting from bidding wars, according to real estate experts.

Real estate agent Peyton Schteevah with Pacific Union in San Francisco said 26 percent of their transactions last year were all-cash deals. That is a reflection of the record statewide high in 2012, where 32.4 percent of overall home sales were cash purchases.